We at the Forex Group are proud to share with our customers just how much bureaucracy we have taken out of foreign exchange dealings and how efficiently streamlined we are.
We pass on those benefits and savings to you through some of the keenest prices and best services around.
However, even we need to ask for certain information relating to identity checking and opening an account prior to making a foreign currency payment.
Why? The answer is very simple – it’s largely to do with global money laundering legislation.
To explain what all this is about, one needs to go back to the terrible terrorist attacks on the World Trade Centre in New York City. Although it was hardly a new issue, those catastrophic events brought home to the world that vast sums of money could now potentially very easily be moved around by criminals and terrorists with the objective being to fund their various activities.
Globally, the law enforcement agencies and governments were determined to try and get to grips with money being moved around to the extent that it became difficult to attribute either its source or destination. Part of that made it obligatory for all financial organisations and Forex services providers to make increased efforts to try and identify the originators and recipients of a foreign currency payment. As a result, we and everybody else in global Financial Services are now obliged to take certain sensible steps to verify the identity of people who are opening accounts with us.
Our processes here are extremely well-designed and will be completed with the absolute minimum of fuss and delay for our new clients. Of course, we also need to understand certain minimum information about you and your potential customers in order for us to be able to provide the most efficient services possible in support of your business or personal foreign currency payment needs.
So, we ask you to be understanding when we request some of the information required in order to give you access to our superb currency services. It’s a combination of obligation in terms of the law and our determination to provide exemplary services.
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